Christopher Todd Wendel of Celina, Ohio, a stockbroker formerly employed with SA Stone Wealth Management Inc., has been fired from the company on September 5, 2017, based upon allegations that Wendel sold away from the firm. Wendel’s termination comes after the firm launched an investigation into his alleged private securities transactions on April 21, 2017.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Wendel is the subject of five customer initiated investment related disputes pertaining to allegations of his improper conduct while he was employed with WRP Investments, Inc. and American Express Financial Advisors Inc. Specifically, on November 15, 2000, a customer initiated investment related written complaint involving Wendel’s conduct was settled for $130,936.88 in damages based upon allegations that Wendel effected unauthorized trades in the customer’s account, inappropriately converted the customer’s A class mutual fund shares into class B shares, and effectuated an annuity purchase that the customer approved.
On November 7, 2002, a customer initiated investment related written complaint concerning Wendel’s activities was resolved for $200,000.00 in damages resting on allegations that Wendel executed mutual funds transactions in the customer’s investment portfolio that were not suitable for the customer. Then, on March 28, 2005, a customer filed a written complaint regarding Wendel’s activities, in which the customer sought $100,000.00 in damages based upon allegations that Wendel made misrepresentations by indicating that the customer’s variable life insurance policy had a death benefit guaranteed to be at least $250,000.00.
Further, on May 12, 2009, a customer filed an investment related written complaint involving Wendel’s conduct, where the customer sought $73,000.00 in damages supported by accusations that the customer was sold a Lincoln National annuity which was not suitable for the customer. Moreover, on April 24, 2014, a customer initiated investment related arbitration claim regarding Wendel’s activities was resolved for $90,000.00 in damages based upon allegations that Wendel effected an unsuitable allocation of the customer’s assets in illiquid real estate investment trusts, and traded the customer’s lower cost mutual fund holdings for mutual funds carrying higher expenses. FINRA Arbitration No. 13-01216 (Apr. 24, 2014).
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